NZD/USD analysis for April 6, 2021

1

looking at the chart on the four-hour time frame, we see that the NZD/USD pair has found support at 0.69450 and will now be in a smaller upward consolidation. Below are the moving averages of the MA20 and EMA20, but we have MA50 support for now. The NZD/USD pair managed to climb to 0.70700 but made a short retreat. This bearish scenario moves within a falling channel, and it can be a framework for us in the coming period. At the upper edge of the channel, the MA200 and EMA200 are waiting for us, which are currently a resistance and an obstacle to continuing the bullish trend.

If we follow the MACD indicator, we see that the MACD blue line has fallen below the signal line as a sign of a potential bearish trend, but we are still in the green upper zone of the indicator, and we need a break below the zero lines.

NZD/USD

We see that the NZD/USD pair are currently testing the MA20 and EMA20 as an obstacle to the bullish trend on the daily time frame. We have support on MA200 and EMA200 at 0.69400. If we see a break below, it would be bad for the NZD and would open new targets in negative territory. To continue the bullish trend, we need a break above the previous lower low to 0.70960 to consider continuing the bullish trend.

NZD/USD

Following the chart, on the weekly time frame, we see a decent below the Fibonacci 50.0% level to 0.71500 at the current 0.70120 with the pressure of moving averages MA20 and EMA20. We are looking for support down to 38.2% Fibonacci level with the help of other moving averages. If we look at the MACD indicator, we will see that the MACD blue line has made a break below the signal line, signaling that there is a likelihood of going down even lower on the chart looking for better support. For the bullish scenario, we are looking at testing the previous high from December 2018 at 0.70000 as potential support and a place for a possible retest at this psychological level.

NZD/USD

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